When will Bitcoin become as boring as gold? \ stacker news ~bitcoin

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When will Bitcoin become as boring as gold?

5441 sats \ 29 comments \ @davidw 16 Feb bitcoin

The idea of Bitcoin being boring has been discussed on SN before, as well as during my previous SN post on Bitcoin's Lost Decade™.

I'd love to gauge official Stacker sentiment on when we might see the youth of tomorrow disengage like they do with gold today, calling Bitcoin "boomer" technology or a "pet block"...

They do today!5.2%

20252.6%

20262.6%

2027-20305.2%

2030-203922.1%

2040-204911.7%

2050+18.2%

Never32.5%

77 votes \ poll ended

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969 sats \ 9 replies \ @k00b 16 Feb

It'll never be as boring as gold (we stopped using gold because it is a literal rock) but it'll eventually be taken for granted if it undergirds the global financial system which I would place in the 2040s at the earliest.

219 sats \ 0 replies \ @justanumber 16 Feb

Yeah my mids 20's kid might care if/when he realises his GenXer parents and little bro weren't talking shit after all 😂

456 sats \ 4 replies \ @kepford 16 Feb

Agreed. I think comparing to fiat like the dollar is more of a apt comparison. For most people the dollar is very boring. I just don't know if it was every not boring though.

43 sats \ 3 replies \ @k00b 16 Feb

It was probably pretty exciting when the telegraph was invented because it allowed us to "transfer" value globally.

917 sats \ 1 reply \ @clr 16 Feb

A bit off-topic, but the fiat networks don't/can't transfer value. They transfer credit.

The Bitcoin protocol/network, on the other hand, does actually "transfer" value.

10 sats \ 0 replies \ @kepford 16 Feb

By that you mean they are IOUs. Not bearer instruments.

917 sats \ 0 replies \ @kepford 16 Feb

Yep, forgot about that. Removed a ton of barriers. I think people forget this when they talk about the boom at the turn of the century. People like me :)

1 sat \ 0 replies \ @Fabs 16 Feb

💯🔥

0 sats \ 1 reply \ @02bcd3eeb0 16 Feb

I think you're having trouble with either the definition of "literally" or the definition of "rock".

Gold is literally a metal.

Gold is figuratively a rock.

10 sats \ 0 replies \ @k00b 16 Feb

I'm actually just stupid.

604 sats \ 0 replies \ @03479d0ee6 16 Feb

In terms of price/adoption still a long way to go. Most companies will need to follow Microstrategy plan, nations states will need to follow El Salvador path and probably stack with mining using stranded energy from the national grid and taxing citizens in bitcoin. Banks will probably need to also have bitcoin reserves. So yeah still a long way 2050+ imo.

587 sats \ 0 replies \ @BitByBit21 16 Feb freebie

I think Bitcoin was not created "to be fun". It can be fun for some cryptographers, economists, libertarians, etc. because it is interesting and ground-breaking for their respective fields. Probably it is not "fun" for most normies, unless they see it as a get-rich-quick scheme, but they won't last a bear market if that's the main reason why they buy it.

"Fun" is overrated, it has become a marketing argument to entice idiots (e.g. Taproot Wizards & shitcoins). It is part of the peak-fiat hedonism we live in. "If it's not fun, it's not worth it". It's a kid-like mindset. Some people need to be always distracted and entertained, just like toddlers, because they are unable to see beyond their noses and face reality.

Bitcoin is what it is: it doesn't need to be "fun" or "boring" to fulfill its purpose!

277 sats \ 0 replies \ @Bass 16 Feb

Boredom over bitcoin is an IQ test

257 sats \ 0 replies \ @justanumber 16 Feb

My 25 yr old could not care less about it but my 18 yr old is very much into it, so it's a tough call, might depend on the person's mindset

247 sats \ 0 replies \ @OriginalSize 16 Feb

Everything is a probability. There are some youth who are into gold. Probably many more who are into Bitcoin. I think the vast majority aren't into any monetary technology at all. Anyway, for this poll to mean anything we need to get more quantitative. For example, I might pose this as "For those with an opinion in the 18-34 age group, at what point do more than 50% of them identify Bitcoin as boomer/pet rock?"

For this I chose 2050+ or later. Forever is a very long time. What's with polls not appreciating the exponential?

247 sats \ 1 reply \ @kr 16 Feb

i’m torn.

i think of bitcoin adoption as an s-curve, but i’m not certain about where on that curve we are.

i think most investors will start to look for new investments beyond bitcoin once they no longer think it’s realistic for bitcoin to 10x in a decade.

455 sats \ 0 replies \ @kepford 16 Feb

Very early. I mean if you measure by adoption we are very early. You can measure by market cap but I think people holding bitcoin is a better measure for where we are.

30 sats \ 0 replies \ @ama 16 Feb

If you're thinking about the price of BTC, the currency, probably in a decade or two.

If you're thinking about the network Bitcoin, its development, its uses,etc... never.

0 sats \ 0 replies \ @riberet19 17 Feb

Maybe in the year 2140

0 sats \ 0 replies \ @hasherstacker 16 Feb

BITCOIN IS BETTER AT BEING GOLD THAN GOLD IS

TL; DR

Decentralized: Bitcoin is more decentralized than gold. There are over 100,000 nodes all over the world verifying the Bitcoin blockchain. Bitcoin miners and developers are all over the world as well. Gold mining is subject to the jurisdiction they are located in and the local government can easily impose controls over the gold output since it is physical in nature. The same cannot be easily said with bitcoin mining since bitcoin is digital and can be instantly secured from control or confiscation by third parties. Central banks and governments control the vast majority of the global gold supply. Gold needs a custodian, or third party, to transact globally. Gold requires trust. We know banks control the custodian game, and governments and banks are closely intertwined.

The rationale for coins is that “raw” gold is not a convenient medium of exchange. The weight and fineness of the amount of gold being offered in a transaction have to be verified, which can be time consuming and costly. These costs were reduced by governments establishing mints that produced coins of a known weight and fineness. In contrast, a bitcoin is a bitcoin. There are no differences in weights or fineness of different bitcoin. And payments and P2P transfers can be made with bitcoin without the intervention of any third-party.

Bitcoin fixes this drawback of centralization and demanding trust. Bitcoin transactions, clearance and final settlement do not need trust in a third party. It is a peer-to-peer monetary system.

So, the term 'boring' does not exist in the Bitcoiners' lexicon.

0 sats \ 0 replies \ @justanumber 16 Feb

I think some people find money boring and there are those who find technology boring, and there are those who find either or both very interesting.

0 sats \ 0 replies \ @Tef 16 Feb

Never!!!

0 sats \ 0 replies \ @stargut 16 Feb

When new issuance of Bitcoin stops hopefully it will be stable enough to be used as a transaction medium

0 sats \ 0 replies \ @btcthinker 16 Feb

Bitcoin is a network program, a money protocol that is constantly improving. As long as creativity exists, Bitcoin will never be boring.